5 Common Regrets of Homebuyers
Consumers are faced with countless decisions every single day of their lives. While many are fairly simple decisions (what will I have for breakfast?) others can be quite monumental and life-changing. As a Real Estate Agent, you are undoubtedly well aware that buying a house is one of the biggest decisions many people will make in their lifetime.
Part of your job as a REALTOR is to make people feel comfortable in the home-buying process and to get them into a home that will leave them with no regrets. Unfortunately, regrets will still happen from time to time, as a result of “buyer’s remorse”.
How do you plan for potential regrets in order to ensure your clients end up satisfied? That’s the million dollar question.
While you can’t plan for every single possible scenario, the following are the top 5 homebuyer regrets according to Inman News.
1) Premature buying
There are a few different definitions for this term, but the most common examples include buying before the buyer has saved as much as they realistically need, or before they’ve paid their debt down to a more manageable level.
2) Buying too small of a house
It is fairly common for homebuyers to end up in a home that is a bit too big for what they really need, and oftentimes they will end up with an unused room or a bit of extra space. While having extra space that you don’t use can be a minor annoyance, not having enough space can be a downright catastrophe.
3) Buying a home they can’t truly afford
Regardless of the current condition of the housing market, buyers who overextend themselves financially on a home are highly likely to end in disaster.
4) Incompletely resolving co-buyer conflicts
Many people will team up together in their home purchase including couples, parents & children, brother & sister, etc. Of course each member of the “team” will likely have their own ideas of the perfect home. Sometimes these conflicts will go unresolved, resulting in one of the two buyers resenting the house they now live in.
5) Taking on repairs beyond their skill, patience and resource level
Many buyers will see some imperfections in their new home and will understand them when they buy the house. They will often have a plan for remodeling or fixing up some things here and there. These jobs can often be much larger than anticipated, resulting in the buyer becoming overwhelmed with the resources, time, or money needed to complete the job.
Planning for these potential regrets when helping your clients find a new home will go a long way in not only making them as comfortable as possible in their new purchase, but you are also more likely to get a good testimonial from a happy client instead of one filled with regrets.